Saturday, November 27, 2021
Martin Hennecke

China's US dollar bonds net $28.2b
<p>China drew about US$28.2 billion (HK$219.96 billion) in orders for its US$6 billion dollar bond, according to China&#39;s Ministry of Finance, while Standard Chartered (2888) helped price the sovereign bond issuance.</p><p>This came after HSBC (0005) was earlier left off the list of banks arranging the US$6 billion sovereign dollar debt sale for the first time since the mainland government restarted the annual deals in 2017.</p><p>The jumbo-sized notes are priced with three-year, five-year, 10-year and 30-year maturities, which have attracted orders of more than 4.7 times the issuance size, the MoF said in a statement yesterday, underscoring increasing investor confidence boosted by China&#39;s quick rebound from a pandemic-induced economic slump. Premiums tightened as much as 30 basis points from initial pricing guidance.</p><p>Demand was significantly higher than last year, which saw more than US$16.5 billion orders for a multi-tranche dollar deal of the same size.</p><p>The deal included the debut issuance of 144A notes, a format that opened the sale up to a broad pool of US buyers for the first time and helps diversify the investor base.</p><p>Standard Chartered acted as joint lead manager and joint bookrunner.</p><p>&nbsp;</p>
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